Business mentor: How to find the help you need

Q. I am a small business and need as much help as I can get. Do I qualify for any Government funding to assist me to grow further?

A. Julian Kroll replies:

Gaining access to Government funding can be as easy or as difficult as you want to make it. The Ministry for Economic Development (www.med.govt.nz) assesses a small to medium enterprise (SME) as a company employing 20 or fewer staff - a definition that accounts for 96 per cent of all New Zealand businesses.

The ministry's website has useful information and resources for small businesses.

Economic development agencies have a variety of programmes to assist small businesses. Some content is free, such as the Biz information seminar and training programmes (www.biz.org.nz).

Business in the Community (www.businessmentor.org.nz) also provides support through mentoring and is supported by Government funding and private donations.

If you are starting a research and development project, Technology New Zealand funding might be an option. Check the website www.frst.govt.nz for information.

In all cases an accurate assessment of the project is critical to decide what you qualify for.

Funding support can range from access to skilled people or shared financial assistance on the relevant project.

Technology NZ's SmartStart programme is designed to help early-stage research or technical innovation projects. In simple cases grants of $5000 can be approved within 48 hours.

Technology and enterprise fellowships can be used to gain additional resources from students and academics.

In addition, the other key support programmes provide funding directly to the business to recover costs associated with the technology programme.

NZ Trade & Enterprise (www.nzte.govt.nz) has a range of support programmes for start-up and early stage companies, through to mature businesses embarking on high-growth exporting and across to those needing assistance raising capital through the venture capital community (www.escalator.co.nz).

Venture capital can be accessed through the Government's Venture Investment Fund (www.nzvif.com), run by four fund managers - Endeavour I-Cap, TMT Management, No 8 Ventures Management and iGlobe Treasury Management.

The information above touches on the ways that you can gain assistance. The key steps to start the process are to clearly understand what the project is and be prepared to demonstrate how it can grow your company. Have a concise plan and know the market segment you wish to enter.

* Julian Kroll is an independent business consultant assisting companies to access their needs for growth.

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Answers are courtesy of Spring - A State of Mind for Business.